More time needed for BHP, Wyloo talks

Discussions between BHP and Andrew Forrest-backed Wyloo Metals are set to continue until December as the parties look to reach an agreement on sought after Noront Resources.

BHP informed the market today that a further extension would be granted to allow time to reach a “mutually beneficial arrangement” with its takeover rival regarding the Noront acquisition.

BHP's outstanding $372 million cash offer for the Canadian miner at 75 cents per share, which was due to expire on November 16, will now remain on the table until November 30 7:00pm (Toronto time).

“The earliest time BHP will be taking up Noront shares under its offer will be at the new expiry time,” BHP said in its statement.

Discussions are said to have “continued” but the ASX200 company reiterated there was no guarantee of an agreement between the two parties.

The announcement comes hours ahead of BHP’s annual general meeting, scheduled for Thursday afternoon.

BHP shares are up 2.07 per cent to trade at $36.48.